Finances – Got Tubman’s?
Last Saturday President Obama earned laughter when he quipped “Earning some serious Tubman’s” with post presidency speeches. It appears the president is thinking about his retirement and earning extra income. When I heard his comment I thought what a great way for families to start the finances conversation have with aging family members.
For many families the last time finances were discussed it had something to do with a weekly allowance! Today as we live longer we may eventually need help managing our resources.
When discussing finances with your elderly loved ones remember to focus on the desired outcome of the conversation. Perhaps the goal is to plan for upcoming life transition? Or is it to offer assistance and provide a sense of well being for a family member? Remember why you are having the conversation and then begin the discussion and stay involved. Consider the following check
Start the discussion by figuring out what information you need. Below is a checklist of document to get you thinking.
[wp-svg-icons icon=”checkmark” wrap=”i”] Bank accounts, passwords, and documents
[wp-svg-icons icon=”checkmark” wrap=”i”] Monthly and annual expenses
[wp-svg-icons icon=”checkmark” wrap=”i”] Power of attorney, living trust, or wills document
[wp-svg-icons icon=”checkmark” wrap=”i”] Medicare, Medicaid, or Social Security benefits
Use these online services to assist you as you develop a strategy to help your loved one.
Siblings matter! Make transparency your operative word when handling your parents finances. Let those in your family circle know what you are doing, document your actions, and be mindful of your parent’s privacy.